#1 Consumer Comment
AUTHOR: Randy - Jacksonville (U.S.A.)
SUBMITTED: Wednesday, August 25, 2004
POSTED: Wednesday, August 25, 2004
Gene, I understand you were in a tight spot and had plans to bring the account current, but it is within the legal rights of the finance company to repossess the car well before the 41 days you referred to. In many states, a right to cure letter must be sent (giving you a certain period of time to bring the account current) but in other states, your car can be legally repossessed if it is less than a week past due.
Arcadia Transouth as I recall is a subprime lender, meaning they finance people with spotty or limited credit. By nature, these loans are riskier than perfect credit loans. If your car has a high wholesale value, it financially makes sense in the big picture to repossess this collateral fairly early in the process, since many of these vehicles "disappear" or go into hiding the further past due they get.
The only solution I could recommend for next time is to take a proactive stand. Instead of waiting for the finance company to call you, call them - advise of the situation, state your clear intention to pay on a certain date. Many lenders (even subprime) will "extend" your loan (put two payments to the back) if you have had the loan paid on time for the previous year. Your payment record is everything there - if you have a history of being past due, you probably won't get the extension.
Good luck in the future!
#2 Consumer Comment
AUTHOR: Linda - Missouri City (U.S.A.)
SUBMITTED: Saturday, September 11, 2004
POSTED: Saturday, September 11, 2004
Listen that is really illegal and check with the laws in your state. Many of these people who works at this business doesn't even know the law.
Send your payment certified return receipt for proof of mailing. Keep copies of your letter you write to them and if you never got a extension you can get that. This lien holder should try to work with their consumer instead of harrassing people when they know so many people has lost jobs or took less paying jobs to survie in this crisi going on today.
Many of these people don't know the business law. Go to FTC web site and then file a complaint with the FTC. It was a new law past that is federal and they are governing these companies for all racketerring activities as of this. The more complaints people filing that is when they look off into these crimes.
Many of these CEO are going to prison for all this illegal acts.
When ever you write a collector, or creditor they can't continue to harass you. Send them a copy of the law. If they continue the behavior you can sue them even if you owe them. Use every law because if it was that individual owing a company you work for they surely wouldn't want you calling them.
You know many of these company are using Western Union to collect their payment when they do check or payment by phone and that is being done by a lot of illegal immigrants working at these places for cheap labor and they defiant don't follow the United States laws. They don't even know them in the first place.
Please check out that web site. FTC is Federal Trade Commission.
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